A gallon of gas now averages about $2.30 across the Sunshine State. That’s the highest price since the beginning of the coronavirus outbreak in March.
Much of the increase is buoyed by COVID-19 vaccines starting to be administered to residents in the state. The pandemic has wreaked havoc on the economy since March.
“Prices are still being propped up by continued optimism in the fuel market, because of the long-term hopes that a vaccine will help struggling demand recover. Also motivating the market is Saudi Arabia’s agreement to cut crude oil production, which helped drive oil prices to an 11-month high,” said Mark Jenkins, spokesperson for AAA Florida.
Crude oil prices jumped by about $4 per barrel on the global market last week. Friday’s price per barrel was $52.24. That jump came as the Saudis announced they’d be cutting back oil production by 1 million barrels per day. That’s about 1% of the global crude oil supply for the month of February.
The action is designed to strike a balance between supply and demand for fuel and will drive up prices.
While current gas prices are about 11 cents more than a week ago and about 16 cents more than a month ago, the average price is still 21 cents less than a year ago in Florida.
West Palm Beach recorded the most expensive average gas price in Florida at $2.41 per gallon. Port St. Lucie and Vero Beach were tied for the second highest price at $2.33.
Fort Walton Beach and Panama City tied for the least expensive average gas prices at $2.24. That was followed by Tallahassee at $2.25 per gallon.
Florida’s spike in gas prices brought it closer to the national average. That figure stands at $2.31 per gallon.